Session Law

Chapter 423
AN ACT ESTABLISHING THE TAUNTON INDUSTRIAL IMPROVEMENT DISTRICT IN THE CITY OF TAUNTON.

Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
as follows:

SECTION 1.
There shall be within the city of Taunton, the Taunton Industrial Improvement District, a body politic and corporate, hereinafter referred to as the "district", consisting of 3 parcels of land bounded and described as follows:

PARCEL ONE

BEGINNING AT A POINT IN THE WESTERLY SIDELINE OF BAY STREET AND BEING THE
NORTHEAST CORNER OF THE HEREIN DESCRIBED PARCEL; THENCE

SOUTHEASTERLY FIVE HUNDRED SIXTY-EIGHT AND 66/100 (568.66) FEET
BY
A CURVE TO THE LEFT HAVING A RADIUS OF SIX HUNDRED TEN AND 00/100 (610.00) FEET
TO
A POINT; THENCE

S 14°20'41" E FOUR HUNDRED THIRTY-THREE AND 00/100 (433.00) FEET TO A
POINT, THE LAST EIGHT (8) COURSES BEING BY THE WESTERLY SIDELINE OF BAY STREET;
THENCE

S 62°46'11" W SIXTY-SEVEN AND 90/100 (67.90) FEET TO A POINT; THENCE

S 50°12'55" W NINETY-NINE AND 96/100 (99.96) FEET TO A POINT; THENCE

S 36°04'31" W ONE HUNDRED AND 87/100 (100.87) FEET TO A POINT; THENCE

S 30<33'27" E FORTY-THREE AND 58/100 (43.58) FEET TO A POINT; THENCE

S 28°45'23" E THIRTY-FOUR AND 99/100 (34.99) FEET TO A POINT; THENCE

S 15°57'05" E NINETY-TWO AND 87/100 (92.87) FEET TO A POINT, THE LAST
SIX (6) COURSES BEING BY LAND NOW OR FORMERLY RICHARD CHAMBERLAIN; THENCE

S 70°13'09" W SIXTEEN AND 94/100 (16.94) FEET TO A POINT, BY LAND
NOW OR
FORMERLY ARTHUR W. AND BEVERLY J. THIBAULT; THENCE

S 19°32'53" E SEVEN HUNDRED TWENTY-THREE AND 29/100 (723.29) FEET TO A POINT, THE LAST COURSE BEING BY LAND NOW OR FORMERLY ARTHUR W. AND BEVERLY J. THIBAULT, BY LAND NOW OR FORMERLY ROSEMARY SOUZA AND PAUL FRENNETTE, BY LAND NOW OR FORMERLY JEFFREY P. AND TRACY A. WATTS, BY LAND NOW OR FORMERLY BETTE J. RIEBESEHL, BY LAND NOW OR FORMERLY JUNE B. CARROLL, TRUSTEE AND BY LAND NOW OR FORMERLY DONALD E. DEMELLO; THENCE

S 88°34'10" W ONE HUNDRED NINETY-SEVEN AND 86/100 (197.86) FEET BY LAND
NOW OR FORMERLY TIMOTHY J. AND MICHELLE M. LEAHY AND BY LAND NOW OR FORMERLY
DANIEL J. AND AGNES E. MCMILLEN TO A POINT; THENCE

NORTHWESTERLY NINETY-NINE AND 72/100 (99.72) FEET BY A CURVE TO
THE
RIGHT HAVING A RADIUS OF FIVE HUNDRED FORTY-TWO AND 16/100 (542.16) FEET TO A
POINT; THENCE

N 43°17'50" W SIX HUNDRED THREE AND 73/100 (603.73) FEET TO A POINT;
THENCE NORTHWESTERLY NINETY-NINE AND 81/100 (99.81) FEET BY A CURVE TO THE
RIGHT
HAVING A RADIUS OF SIX HUNDRED SIXTY-TWO AND 21/100 (662.21) FEET TO A POINT;
THENCE

NORTHEASTERLY TWO HUNDRED AND 60/100
(200.60)
FEET BY A CURVE TO THE LEFT HAVING A RADIUS OF SIX HUNDRED SIXTY-FIVE AND
60/100
(665.60) FEET TO A POINT; THENCE

EASTERLY TWO HUNDRED SIXTY AND 67/100 (260.67)
FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF TWO HUNDRED FIFTY AND 00/100
(250.00) FEET TO A POINT; THENCE

SOUTHEASTERLY ONE HUNDRED NINETY AND 48/100
(190.48) FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF ONE THOUSAND FORTY-TWO
AND 66/100 (1042.66) FEET TO A POINT; THENCE

SOUTHEASTERLY TWO HUNDRED
NINETY-TWO
AND 95/100 (292.95) FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF FIVE
HUNDRED
FORTY-FOUR AND 38/100 (544.38) FEET TO A POINT; THENCE

SOUTHEASTERLY ONE
HUNDRED
THIRTY-THREE AND 68/100 (133.68) FEET BY A CURVE TO THE LEFT HAVING A RADIUS OF
TWO HUNDRED FIFTY-FOUR AND 29/100 (254.29) FEET TO A POINT, THE LAST
TWENTY (20) COURSES BEING BY THE MYLES STANDISH INDUSTRIAL PARK; THENCE

THENCE North 01 degrees 00 minutes 57 seconds East by the State Highway
layout
438.59 feet;

THENCE North 45 degrees 35 minutes 25 seconds West by the State Highway
layout
463.25 feet to the POINT OF BEGINNING.

SECTION 2.
The purpose of the district shall be in general to enhance
its
economic development and more specifically to serve the needs of its residents,
property owners, tenants and their employees and clients and the citizens of the
city of Taunton, by acquiring, laying, constructing, maintaining, improving and
operating storm drainage systems, sewers, water systems, roads, bridges,
culverts, tunnels, streets, sidewalks, lighting, parking, including garages,
parks and recreational facilities and fiber optic and telecommunication systems
and other infrastructure improvements referred to hereafter as the
"improvements", whether located within the district or outside the
district, if reasonably related to the improvements within the district,
contracting with the city of Taunton, the commonwealth, cities, towns or other
political entities and private and public utilities serving the district in
connection with the improvements, and financing, refinancing, or reimbursing the
cost of the design, acquisition, construction or maintenance of the improvements,
and assessing and raising revenues for economic development purposes and the
design, construction, acquisition, operation and maintenance of the improvements
and the district, in the manner as the board of commissioners of the district may
determine is in the best interest of the district.

SECTION 3.
A board of commissioners, consisting of 5 members, shall exercise the
powers conferred by this act. The board shall not be subject to the supervision
of the city of Taunton or any board, department, commission, bureau or agency of
the city of Taunton or of the commonwealth except to the extent and in the
manner
provided in this act. The members of the board shall be appointed by the mayor
of the city of Taunton as follows: 4 members shall be designated in writing by
the Taunton Development Corporation, hereinafter referred to as the
"corporation", 3 of whom shall be individuals owning or representing
interests owning real estate within the boundaries of the district, and 1 of
whom
need not have an interest in real estate within the district and 1 of whom
shall
be designated by the mayor. In the event that corporation shall no longer be
in
existence, the mayor, with the approval of the municipal council, shall appoint
4
individuals who are either owners of record of real estate within the district
or
representatives of entities such as corporations, partnerships, realty trusts,
limited liability companies and federal, state and local government agencies
and
authorities, which are such owners of record.

Of the members first appointed, 2 members shall serve for a term expiring on
June
30 in the year following the appointment, 2 members shall serve for a term
expiring on June 30 in the second year following the appointment, and 1 member
shall serve for a term expiring on June 30 in the third year following the
appointment. Thereafter, successors shall be appointed for a 3 year term, or
in
the case of an appointment to fill a vacancy, for the unexpired term, and until
their successors are appointed and qualified. Any member may be eligible for
reappointment. Three members of the board shall constitute a quorum and the
affirmative vote of 3 members shall be necessary to exercise any of the powers
enumerated in section 4. No vacancy in the membership of the board shall
impair
the right of a quorum to exercise the powers of the board. Any action by the
board shall take effect immediately unless otherwise provided and need not be
published or posted.

The initial meeting of the board shall be not later than 30 days following
the
establishment of the district and the appointment of the initial board.
Thereafter, the board shall schedule meetings pursuant to its by-laws. At the
initial meeting and at all annual meetings, as provided in its by-laws, the
board
shall elect from its members a chairman who shall preside at all board meetings
and who shall serve until his successor shall be elected at the meeting
following
the annual meeting. The board shall also elect a vice-chairman who shall be
empowered to preside over board meetings in the absence of the chairman and who
shall serve for like term. The board shall also elect a treasurer and a clerk
from its membership and who shall serve for like terms. The duties and
responsibilities of the district officers shall be as provided in the district
by-laws. All meetings of the board shall be held in accordance with sections 23A
to 23C, inclusive, of chapter 39 of the General Laws.

SECTION 4.
The board, acting for and on behalf of the district, shall have all
the rights and powers necessary or convenient to carry out and effectuate the
purposes of this act, including, but without limiting the generality of the
foregoing, the following rights and powers to:-

(a) To adopt by-laws for the regulation of its affairs and the conduct of
its
business, to promulgate rules, regulations and procedures in connection with
the
performance of its functions and duties, and to fix, enforce and collect
penalties for the violation thereof; provided, however, that any by-laws,
rules,
regulations and procedures shall be consistent with the powers conferred by
this
act and with other applicable provisions of the General Laws, and that any
by-laws with respect to the removal of members of the board shall be consistent
with the laws, statutes, and ordinances applicable to the city of Taunton;

(b) to adopt an official seal and alter the same at its pleasure;

(c) to maintain an office at such place or places within the city of Taunton
as
it may determine;

(d) to apply for, receive, accept, administer, expend and comply with the
conditions, obligations and requirements respecting any grant, gift, loan,
including any grant, gift or loan from agencies of federal, state or local
governments, donation or appropriation of any property or money in aid of the
purposes of the district and to accept contributions of money, property, labor
or
other things of value;

(e) to acquire by purchase, lease, lease-purchase, sale and lease-back, gift
or
devise, and to obtain options for the acquisition of, any property, real or
personal, tangible or intangible, or any interest therein, in the exercise of
its
powers and the performance of its duties, provided that the district may only
acquire real estate or any interest therein pursuant to this clause,
within the boundaries of the district, except that the district may acquire
real
estate or any interest therein outside the boundaries of the district if such
acquisition is necessary or convenient in the judgment of the board for the
acquisition, construction, maintenance and operation of the improvements within
the district;

(f) acquire by eminent domain, under chapters 79, 79A, 80 and 80A of the
General Laws, or any alternative method provided by law, any property, real or
personal, tangible or intangible, or any interest therein, in the exercise of
its
powers and the performance of its duties, provided that the district may only
acquire real estate or any interest therein pursuant to this subsection, within
the boundaries of the district;

(g) sell, lease, mortgage, exchange, transfer or otherwise dispose of, or
to
grant options for any such purposes with respect to, any property, real or
personal, tangible or intangible, or any interest therein;

(h) construct, improve, extend, equip, enlarge, rehabilitate, maintain
and
repair the improvements within and for the benefit of the district; to acquire
existing or construct the improvements under or over any roads, public ways or
parking areas, and to enter upon any private land within the district for the
purposes of making surveys, borings, soundings or examinations thereof,
designing
and laying out the improvements and maintaining and repairing the same.
Chapter 30B of the General Laws shall apply to the district, except that
section 16 of
said chapter 30B shall not apply. Chapter 31 of the General Laws shall not
apply
to any person employed or engaged by the district under this act. With respect
to
any construction or repair work undertaken by it pursuant to this clause, the
district shall be considered a public agency for purposes of section 26 and
sections 44A to 44H, inclusive, of chapter 149 of the General Laws. Said
chapters 30B and 149 shall not be applicable to improvements acquired by but
not
constructed, improved, or repaired by the district. All applicable General
Laws
protecting public health, welfare and safety shall be applicable;

(i) pledge or assign any money, fees, charges, receipts, or other
revenues of
the district and any proceeds derived by the district;

(k) enter into contracts and agreements with, but not limited to, the
city of
Taunton, the corporation or any successor in interest thereto, property owners
in
the district and any public or private utility in all matters necessary,
convenient or desirable for carrying out the purposes of this act including,
without limiting the generality of the foregoing, the acquisition of existing
improvements, including utilities or infrastructure outside the district but
benefiting the district, collection of revenue, data processing, and other
matters of management, administration and operation; to make other contracts of
every name and nature; and to execute and deliver all instruments necessary or
convenient for carrying out any of its purposes;

(l) exercise the powers and privileges of, and to be subject to the
limitations upon, towns and cities provided by sections 38 to 42K, inclusive,
of
chapter 40 of the General Laws, chapter 80 of the General Laws and sections 1 to 29, inclusive, of chapter 83 of the General Laws, in so far as applicable and
consistent with this act; but any requirement in said sections or chapters for a vote by the municipal council of the city of Taunton or the governing body of a city or town or for a vote by the voters of a city, town or district shall be satisfied by a vote or resolution duly adopted by the board in accordance herewith;

(m) sue and be sued in its own name and to plead and be impleaded;
provided,
however, that neither the district nor any officer or employee thereof shall be
liable in tort except pursuant to chapter 258 of the General Laws; provided,
further, that the district may indemnify its officers and employees to the
extent
provided in said chapter 258; and provided further that only the property of
the
district other than revenues pledged to the payment of notes or bonds shall be
subject to attachment, or be levied upon by execution or otherwise;

(n) invest any funds not required for the immediate use of the
district in
the manner and to the extent permitted under the General Laws for the
investment
of such funds by the treasurer of a city or district;

(o) employ assistants, agents, employees and persons, including legal
counsel, financial advisors, and other consultants and experts considered
necessary or convenient in the board's judgment, and to define their duties and
fix their compensation;

(p) procure insurance on behalf of itself and any of its members,
officers,
employees and agents, against any loss or liability that may be sustained or
incurred in carrying out the purposes of this act in the amount as the district
shall consider necessary and appropriate and with one or more insurers who
shall
be licensed to furnish the insurance in the commonwealth;

(q) adopt an annual budget and to raise, appropriate, and assess funds
in
amounts necessary to carry out the purposes for which the district is formed as
described hereafter in section 5;

(r) do all things necessary, convenient or desirable for carrying out
the
purposes of this act or the powers expressly granted or necessarily implied in
this act.

SECTION 5.
The board may fix, revise, charge, collect and abate
reasonable fees,
rates, rents, betterments and assessments, and other charges for the cost of
the
improvements and other services and commodities furnished or supplied to the
real
property in the district. In providing for the payment of the cost of the
improvements or for the use of the improvements, the board may avail itself of
the General Laws relative to the assessment, apportionment, division, fixing,
reassessment, revision, abatement and collection of infrastructure charges,
including betterments and assessments, or the establishment of liens therefore
and interest thereon. Notwithstanding any General Laws to the contrary, the
district may pay the entire cost of any improvements, or the debt service of
notes or bonds used to fund such costs, from betterments, assessments or fees
and
may establish said betterments, assessments or fees within 1 year from the
completion or acquisition of the improvements. The board may establish a
schedule
for the payment of betterments or assessments of up to 25 years. The board may
determine the circumstances under which the fees, rates, rents, assessments,
betterments and other charges, may be increased, if at all, as a consequence of
delinquency or default by the owner of that parcel or any other parcel within
the
district. In order to provide for the collection and enforcement of its fees,
rates, rents, assessments, betterments and other charges, the board is hereby
granted all the powers and privileges with respect thereto held by the city of
Taunton on the effective date of this act or as otherwise provided in this act,
to be exercised concurrently with the city of Taunton. Any liens imposed by
the
city of Taunton for the payment of property taxes shall have priority in payment
over any liens of the district.

The fees, rates, rents, assessments, betterments and other charges of the board
of general application shall be adopted and revised by the board at least
annually in accordance with the procedures to be established by the board for
assuring that interested persons are afforded notice and an opportunity to
present data, views and arguments. The board shall hold at least 1 public
hearing on its schedule of fees, rates, rents, assessments and other charges or
any revision thereof before adoption, notice of which shall be delivered to the
mayor and municipal council of the city of Taunton and be published in a
newspaper of substantial circulation in the city of Taunton at least 1 month in
advance of the hearing. No later than the date of the publication, the board
shall make available to the public and deliver to the mayor and the municipal
council of the city of Taunton the proposed schedule of fees, rates, rents,
assessments and other charges.

The fees, rates, rents, assessments and other charges established by the board
shall not be subject to supervision or regulation by any department, division,
commission, board, bureau, or agency of the commonwealth or any of its political
subdivisions, including without limitation, the city of Taunton, nor shall the
district be subject to section 20A of chapter 59 of the General Laws.
Notwithstanding the foregoing, except to the extent of fees, rates, rents,
assessments, betterments and other charges assessed by the board, the board
shall
have no general power of taxation. The board's budget for current
administrative
expenses, exclusive of operational and capital expenses relating to
improvements,
approved by the board shall be limited to the sum of $55,000 for the fiscal
year in which the district is established. Each fiscal year thereafter said
sum
may be increased by 2-1/2 per cent per annum.

The fees, rates, rents, betterments, assessments and other charges
established by
the board in accordance with this section shall be fixed and adjusted in
respect
of the aggregate thereof so as to provide revenues at least sufficient (i) to
pay
the current expenses of the district, (ii) to pay the principal of, premium, if
any, and interest on bonds, notes or other evidences of indebtedness issued by
the board under this act as the same becomes due and payable, (iii) to create
and
maintain such reasonable reserves as may be reasonably required by any trust
agreement or resolution securing bonds, (iv) to provide funds for paying the
cost
of necessary repairs, replacements and renewals of the improvements and the
infrastructure system or systems of the district; and (v) to pay or provide for
any amounts that the board may be obligated to pay or provide for by law or
contract, including any resolution or contract with or for the benefit of the
holders of its bonds and notes.

SECTION 6.
The board may provide by resolution, from time to time, for the
issuance of bonds of the district for any of its corporate purposes. Bonds may
be issued hereunder as general obligations of the district or as special
obligations payable solely from particular funds. Without limiting the
generality of the foregoing, the bonds may be issued to pay or refund notes
issued pursuant to section 8, to pay the cost of acquiring, laying, constructing,
maintaining, and reconstructing the improvements. Cost shall include the cost
of: (1) construction, reconstruction, renovation and acquisition of all lands,
structures, real or personal property, rights, rights-of-way, franchises,
easements, and interests acquired or to be acquired by the district, the city
of
Taunton, the commonwealth or any other Massachusetts governmental entity; (2)
all
machinery and equipment including machinery and equipment needed to expand or
enhance services from the city of
Taunton, the commonwealth or any other Massachusetts governmental entity to the
district; (3) financing charges and interest before and during construction,
and
for a limited time after completion of the construction, interest and reserves
for principal and interest, including costs of municipal bond insurance and any
other type of financial guaranty and costs of issuance; (4) extensions,
enlargements, additions, and improvements; (5) architectural, engineering,
financial and legal services; (6) plans, specifications, studies, surveys and
estimates of costs and of revenues; (7) administrative expenses necessary or
incident to the construction, acquisition, and financing of the improvements;
(8)
other expenses necessary or incident to the construction, acquisition, and
financing of the improvements. The principal of and interest on the bonds
shall
be payable solely from the funds herein provided for their payment. The bonds
of
each issue shall be dated, shall bear interest at the rates and shall mature at
the time or times not exceeding 40 years from their date or dates, as
determined
by the board, and may be redeemable before maturity, at the option of the
board,
at the price or prices and under the terms and conditions fixed by the board
before the issuance of the bonds. The board shall determine the form of the
bonds, and the manner of execution of the bonds, and shall fix the denomination
of the bonds and the place or places of payment of principal and interest,
which
may be at any bank or trust company within the commonwealth and other locations
as designated by the board. In case any officer whose signature or a facsimile of
whose signature shall appear on any bonds or coupons shall cease to be an officer
before the delivery of the bonds, the signature or facsimile shall nevertheless
be valid and sufficient for all purposes the same as if he had remained in office
until the delivery. The bonds shall be issued in registered form. The board may
sell the bonds in a manner and for a price, either at public or private sale, as
it may determine to be for the best interests of the district.

Before the preparation of definitive bonds, the board may, under like
restrictions, issue interim receipts or temporary bonds exchangeable for
definitive bonds when the bonds have been executed and are available for
delivery. The board may also provide for the replacement of any bonds that shall
become mutilated or shall be destroyed or lost. The board may provide by
resolution for the issuance of refunding bonds of the district for the purpose of
refunding any bonds then outstanding and issued under the provisions of this act,
including the payment of any redemption premium thereon on any interest accrued
or to accrue to the date of redemption of the bonds and, if considered advisable
by the board, for the additional purpose of the acquisition, construction or
reconstruction and extension or improvement of the infrastructure system or
systems. The issue of the bonds, the maturities, and other details thereof, the
rights of the holders thereof, and the duties of the district in respect of the
same shall be governed by this act insofar as the same may be applicable.

While any bonds or notes issued by the board remain outstanding, the powers,
duties or existence of the board shall not be diminished or impaired in any way
that will affect adversely the interests and rights of the holders of the bonds
or notes. Bonds or notes issued under this act, unless otherwise authorized by
law, shall not be considered constitute a debt of the commonwealth or the city of
Taunton, or a pledge of the faith and credit of the commonwealth or of the city
of Taunton, but the bonds or notes shall be payable solely by the district or as
special obligations payable from particular district funds. Any bonds or notes
issued by the district shall contain on the face thereof a statement to the
effect that neither the commonwealth nor the city of Taunton shall be obliged to
pay the same or the interest thereon, and that neither the faith and credit nor
taxing power of the commonwealth or of the city of Taunton is pledged to the
payment of the bonds or notes. All bonds or notes issued under this act shall
have and are hereby declared to have all the qualities and incidents of
negotiable instruments as defined in sections 3-104 of chapter 106 of the General
Laws.

Issuance by the district of 1 or more series of bonds or notes for 1 or more
purposes shall not preclude it from issuing other bonds or notes in connection
with the same project or any other project, but, the resolution or trust
indenture
wherein any subsequent bonds or notes may be issued shall recognize and protect
any prior pledge made for any prior issue of bonds or notes unless in the
resolution or trust indenture authorizing the prior issue the right is reserved
to issue subsequent bonds on a parity with the prior issue.

SECTION 7.
In the discretion of the board the bonds may be secured by
a trust
agreement by and between the district and a corporate trustee, which may be any
trust company or bank having the powers of a trust company within the
commonwealth. The trust agreement may pledge or assign the revenues. Either
the
resolution providing for the issuance of bonds or the trust agreement may
contain
provisions for protecting and enforcing the rights and remedies of the
bondholders as may be reasonable and proper and not in violation of law,
including without limiting the generality of the foregoing provisions defining
defaults and providing for remedies in the event thereof, which may include the
acceleration of maturities, and covenants setting forth the duties of and
limitations on the district in relation to the acquisition, construction,
improvement, enlargement, alteration, equipping, furnishing, maintenance,
operation, rehabilitation, demolition, repair, insurance and disposition of
property, the custody, safeguarding, investment and application of moneys, the
use of any surplus bond or note proceeds and the establishment of reserves. The
resolution or trust agreement may also contain covenants by the board in relation
to, among other things: (1) the establishment, revision and collection of
fees, rates, assessments, rents and charges for services of facilities
furnished
or supplied by the district as shall provide revenues sufficient with other
revenues of the district, if any, to pay (i) the cost of maintaining, repairing
and operating the district utilities and infrastructure and of making renewals
and replacements in connection therewith, (ii) the principal of and the
interest
on the bonds or notes as the same shall become due and payable, (iii) payments
in
lieu of taxes, betterment and special assessments, and (iv) reserves for the
purposes; (2) the purpose for which the proceeds of the sale of the bonds or
notes will be applied and the use and disposition thereof; (3) the use and
disposition of the gross revenues of the district from the district utilities
and
infrastructure, any additions thereto and extensions and improvements thereof,
including the creation and maintenance of funds for working capital and for
renewals and replacements to the district utilities and infrastructure; (4) the
amount, if any, of additional bonds or notes payable from the revenues of the
district and the limitations, terms and conditions on which the additional bonds
or notes may be issued; and (5) the operation, maintenance, management,
accounting and auditing of the utilities and district infrastructure and of the
income and revenues of the district.

It shall be lawful for any bank or trust company incorporated under the laws of the commonwealth to act as depository of the proceeds of the bonds or of revenues, and to furnish such indemnifying bonds or to pledge securities as required by the board. The trust agreement may set forth the rights and remedies
of the bondholders and of the trustees, and may restrict the individual right of action by bondholders as is customary in trust agreements or trust indentures securing bonds and debentures. In addition to the foregoing, the trust agreement may contain other provisions, as the board considers reasonable
and proper for the security of the bondholders. All expenses incurred in carrying out the trust agreement may be treated as a part of the cost of the operation of the district utilities and infrastructure. The pledge by any trust agreement or resolution shall be valid and binding from time to time when the pledge is made; the revenues or other moneys so pledged and then held or thereafter received by the board shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act; and the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the board, irrespective of whether the parties have notice thereof. Neither the resolution nor any trust agreement
by which a pledge is created need be filed or recorded except in the records of
the board, and no filing need be made under chapter 106 of the General Laws.

SECTION 8.
The board may provide by resolution for the issuance from time to
time, of notes of the district in anticipation of federal, state or local grants
for the cost of acquiring, constructing or improving the district utilities or
infrastructure or in anticipation of bonds to be issued pursuant to section 6.
The notes shall be authorized, issued and sold in the same manner as, and shall
otherwise be subject to this act. The notes shall mature at the time or times as
provided by the issuing resolution of the board and may be renewed from time to
time; but the notes and renewals thereof shall mature on or before 20 years from
their date of issuance.

SECTION 9.
In addition to other security provided herein, or otherwise by law,
bonds, notes or obligations issued by the district under this act, may be
secured, in whole or in part, by a letter of credit, line of credit, bond
insurance policy, liquidity facility or other credit facility for the purpose of
providing funds for payments in respect of bonds, notes or other obligations
required by the holder thereof to be redeemed or repurchased prior to maturity or
for providing additional security for the bonds, notes or other obligations. In
connection therewith, the district may enter into reimbursement agreements,
remarketing agreements, standby bond purchase agreements and any other necessary
or appropriate agreements. The board may pledge or assign any of its revenues as
security for the reimbursement by the district to the issuers or providers of the
letters of credit, lines of credit, bond insurance policies, liquidity facilities
or other credit facilities of any payments made under the letters of credit,
lines of credit, bond insurance policies, liquidity facilities or other credit
facilities.

SECTION 10.
In connection with or incidental to the issuance of bonds, notes or other obligations the district may enter into the contracts as the board may determine to be necessary or appropriate to place the bonds, notes or other obligations of the district, as represented by the bonds or notes, or other obligations in whole or in part, on the interest rate or cash flow basis as the board may determine, including without limitation, interest rate swap agreements, insurance agreements, forward payment conversion agreements, futures contracts, contracts providing for payments based on levels of, or changes in, interest rates or market indices, contracts to manage interest rate risk, including without limitation, interest rate floors or caps, options, puts, calls and similar arrangements. The contracts shall contain such payment, security, default, remedy and other terms and conditions as the board may consider
appropriate and shall be entered into with the party as the district may select, after giving due consideration, where applicable, for the credit worthiness of the counterparty, including any rating by a nationally recognized rating agency, the impact on any rating on outstanding bonds, notes or other obligations or any other criteria the board may consider appropriate.

SECTION 11.
The district shall have the power out of any funds available therefor to purchase its bonds or notes. The district may hold, pledge, cancel or resell the bonds or notes, subject to and in accordance with agreements with bondholders. The district may issue refunding bonds for the purpose of paying
any of its bonds at maturity or upon acceleration or redemption. Refunding bonds may be issued at the time or times before the maturity or redemption of the refunded bonds as the board considers to be in the public interest. Refunding bonds may be issued in sufficient amounts to pay or provide for the principal of the bonds being refunded, together with any redemption premium thereon, any
interest accrued or to accrue to the date of payment of such bonds, the expense of issuing the refunding bonds, the expense of redeeming bonds being refunded and the reserves for debt service or other capital or current expenses from the proceeds of the refunding bonds as may be required by a trust agreement or
resolution securing the bonds. All other provision relating to the issuance of refunding bonds shall be as set forth in this act.

SECTION 12.
All moneys received pursuant to this act, whether as proceeds from the issue of bonds or notes, or as revenue or otherwise, shall be considered trust funds to be held and applied solely as provided in this act.

SECTION 13.
Bonds or notes issued under this act are hereby made securities in which all public officers and public bodies of the commonwealth and its political subdivisions, all insurance companies, trust companies in their commercial departments and within the limits set by the General Laws, banking corporations, investment companies, executors, trustees and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of a similar nature may properly and legally invest funds, including capital in their control and belonging to them; and the bonds are hereby made obligations that may properly and legally be made eligible for the investment of deposits and income thereof in the manner provided by section 2 of chapter 167F of the General Laws. The bonds or notes are hereby made securities that may properly and legally be deposited with and received by any state or
municipal officer or any agency or political subdivision of the commonwealth for any purpose for which the deposit of bonds or other obligations of the commonwealth is now or may hereafter be authorized by law.

Notwithstanding any rule at common law or any authorization, limitation or any such other provision of any general or special law, or any provision in their respective charters, agreements of incorporation, articles or organization, or trust indentures, domestic corporations organized for the purpose of carrying on business within the commonwealth, including without implied limitation any electric or gas company as defined in section 1 of chapter 164 of the General Laws, railroad corporations as defined in section 1 of chapter 160 of the General Laws, financial institutions, trustees and the city of Taunton may acquire, purchase, hold, sell, assign, transfer, or otherwise dispose of any bonds, notes, securities or other evidence of indebtedness of the district and to make contributions to the district, all without the approval of any regulatory authority of the commonwealth.

SECTION 14.
Any holder of bonds or notes issued under this act, and a trustee, except to the extent the rights herein given may be restricted by the trust agreement, may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce all rights under the laws of the commonwealth or
granted hereunder or under the trust agreement, and may enforce and compel the performance of all duties required by this act or by the trust agreement, to be performed by the district or by any officer thereof.

SECTION 15.
Notwithstanding this act or any recitals in any bonds or notes issued under this act, all such bonds or notes shall be considered to be investment securities under chapter 106 of the General Laws.

SECTION 16.
Bonds or notes may be issued under this act without obtaining the consent of the emergency finance board established under chapter 49 of the acts of 1933 or any department, division, commission, board, bureau or agency of the commonwealth or the city of Taunton, and without any proceedings or the happening of any other conditions or things than those proceedings, conditions or things that are specifically required thereof by this act, and the validity of and security for any bonds or notes issued by the district shall not be affected by the existence or nonexistence of the consent or other proceeding conditions, or things.

SECTION 17.
The district and all its receipts, revenues, income and real and personal property shall be exempt from taxation and from betterments and special assessments and the district shall not be required to pay any tax, excise or assessment to or from the commonwealth or any of its political subdivisions.
Bonds or notes issued by the district and their transfer and their interest or income, including any profit on the sale thereof, shall at all times be exempt from taxation within the commonwealth, provided that nothing in this act shall act to limit or restrict the ability of the commonwealth or the city of Taunton to tax the individuals and companies, or their real or personal property or any person living or business operating within the boundaries of the district.

SECTION 18.
The board shall at all times keep accounts of its receipts, expenditures, disbursements, assets and liabilities, which shall be open to inspection by a duly appointed officer or duly appointed agent or the commonwealth or the city of Taunton. The fiscal year of the district shall be the same fiscal year as established by the General Laws for cities and towns in the commonwealth. The district shall be subject to an audit of its accounts in the manner provided in section 40 of chapter 44 of the General Laws. Before the issuance of any bonds or notes under this act, any member or officer of the board
charged with responsibility of the issuance thereof, shall each execute a surety bond in the sum of $250,000 payable to the district, or in lieu thereof the board shall obtain a blanket position bond covering any member or officer of the board charged with responsibility for the issuance of any bond or notes, such surety bonds to be conditioned upon the faithful performance of the duties of their offices, to be executed by a surety company authorized to transact business in the commonwealth as a surety and approved by the board. For the purposes of chapter 268A of the General Laws, the district shall be considered a municipal agency. The members of the board and employees of the district, together with
any person who performs professional services for the district on a part-time, intermittent or consultant basis, such as those of an architect, attorney, engineer, planner, or construction, financial, or real estate expert, shall be special municipal employees.

SECTION 19.
The district may make representations and agreements for the benefit of the holders of the district's bonds and notes or other obligations to provide secondary market disclosure information. The board or an officer authorized by the board may make the representations and agreements on behalf of the district
or may delegate the authority to any other officer or employee of the district. The agreement may include (1) covenants to provide secondary market disclosure information; (2) arrangements for such information to be provided with the assistance of a paying agent, trustee, dissemination or other agent, and (3) remedies for breach of such agreements, which remedies may be limited to specific
performance.

SECTION 20.
This act shall be deemed to provide an exclusive, additional, alternative and complete method of accomplishing the purposes of this act and exercising the powers authorized hereby and shall be deemed and construed to be supplemental and additional to, and not in derogation of, powers conferred
upon the board by law; provided, however, that insofar as the proceedings of this act are
inconsistent with any general or specific law, administrative order or regulation, or any resolution or ordinance of the city of Taunton, this act shall be controlling. Without limiting the generality of the foregoing, no resolution or ordinance of the city of Taunton requiring ratification by the mayor and
municipal council or the voters of the city of Taunton of certain bond issues shall apply to the issuance of bonds or notes of the district pursuant to this act, nor shall chapter 44 of the General Laws be applicable to the manner of voting or the limitations as to the amount and time of payment of debts incurred by the district.

Except as specifically provided in this act, all other statutes, ordinances, resolutions, rules and regulations of the commonwealth and the city of Taunton shall be applicable to the property, residents and businesses located in the district. Nothing in this act shall in any way obligate the city of Taunton to pay any costs for the acquisition, construction, equipping or operation and administration of the improvements located within the district.

SECTION 21.
Upon petition in writing addressed to the board and signed by all the owners of any business or any industrially zoned, or municipally-owned real estate located in the city of Taunton requesting that the real estate, accurately described therein, be included within the limits of the district, the board,
within 30 days of the receipt of the petition, shall hold a properly noticed public hearing to consider the petition. If a majority of the board, following the public hearing, votes to include the real estate within the district, the district clerk shall file a request to the mayor and municipal council of the city of Taunton to approve the inclusion of the real estate within the district.
Within 10 days of the approval by the mayor and the municipal council, the district clerk shall file with the Taunton city clerk and the secretary of the commonwealth, attested copies of the petition and the votes of the board and the municipal council; and thereupon the real estate shall become and be part of the district and shall be subject to this act in the same manner and to the same extent as the real estate described in section 1.

SECTION 22.
This act being necessary for the welfare of the city of Taunton and its inhabitants shall be liberally construed to affect the purposes hereof.